Robertet: organic growth of 2.8% in the first half, but margins declining
Robertet has closed its first-half 2026 accounts, marked by organic growth of 2.8% but revenue slightly down at current rates, impacted by a 3% exchange rate effect.
Behind these stable revenues, the Grasse-based group is posting declining profitability aggregates, a direct consequence of the continuation of its investment policy in industrial capacity and teams.
Revenue of €444M driven by Perfumery and emerging regions
Consolidated net revenue for the first half of 2026 stood at 444 million euros, compared to 446 million euros a year earlier, representing a decline of 0.5% at current rates. At constant exchange rates and perimeter, organic growth came in at 2.8%, with the exchange rate effect weighing 3% and the perimeter effect 0.3%.
The dynamics by division are contrasted. Perfumery advanced 12.6% organically, to €175.7M, driven by fine fragrance niche brands and new players in Latin America and the Middle East. The Health & Beauty division advanced 11.3% organically, to €12.8M.
Conversely, Raw Materials declined 5.5% organically (to €107M) and Flavors 1.7% (to €148.9M), following several years of strong growth and against high comparison bases in 2025. By region, South America advanced 21% and Asia 12%, while Europe and North America declined 1%.
Profitability down due to investment effects
Current EBITDA stood at €93.6 million, or 21.1% of revenue, compared to €100.2 million (22.5%) in the first half of 2025, down 6.6%. The current EBITDA margin thus declined by 1.4 percentage points on the same half-year perimeter.
Operating profit came in at €75.4 million, or 17.0% of revenue, compared to €85.1 million (19.1%) a year earlier, down 11.4%. According to the company, this decline is mainly explained by the continuation of investments undertaken to support future growth (industrial capacity, scientific and commercial teams, information systems), as well as by the ramp-up of associated depreciation. Allocations for depreciation, provisions and reversals increased from €14.9M to €18.2M.
Net profit attributable to the group reached €54.2 million, or 12.2% of revenue, compared to €58.5 million (13.1%), down 7.4%. Earnings per share came in at €25.8, compared to €27.9. Financial results improved thanks to lower debt charges and less unfavorable exchange effects than in 2025.
Organic growth expected between 3% and 5% in 2026
For fiscal year 2026, Robertet is targeting organic revenue growth of between 3% and 5%, in a context that the group describes as more moderate and with limited visibility. The company indicates it is maintaining its ambition for 2030 and continuing its investment policy.
On the extra-financial front, the group has increased to 67 the number of supply chains verified or certified for CSR and maintained its Platinum medal EcoVadis during its evaluation in August 2026. In October 2025, its carbon emission reduction objectives were accredited by the Science-Based Targets initiative, with decarbonization plans by 2033 for scopes 1, 2 and 3.
Robertet, which generates more than 80% of its revenue internationally, presented half-yearly accounts that were subject to a limited review by the statutory auditors, whose report was issued on September 17, 2026.
